The value of the Egyptian pound to the dollar remained unchanged in a central bank auction while unofficial rates were weaker
Reuters , Sunday 6 Sep 2015
Egypt's central bank kept the pound steady at a dollar sale on Sunday, selling $37.8 million at a cut-off price of 7.7301 pounds per dollar, unchanged from Thursday.
The central bank had kept the pound at 7.5301 for five months until July, when it allowed it to slide to 7.6301. On July 5 the bank let it slip a further 0.10 pounds.
Allowing the pound to weaken in a controlled way could boost exports and attract further investment but it also raises Egypt's already large bill for imported fuel and food staples.
Egypt has sought to tame a once-thriving currency black market with measures such as a cap on dollar-denominated bank deposits.
The central bank gave permission in January to trade dollars up to 0.10 pounds above or below the official rate, with currency exchange bureaux allowed to trade at 0.15 pounds above or bellow the official rate.
One trader at an exchange bureau said the pound was changing hands at 8.04 pounds per dollar and another trader said it was changing at 8.05 pounds per dollar, weaker than Thursday's rates of 8.02 and 8.03
Eid Al-Adha to start next Thursday, a day later than expected: Al-Arabiya
The Muslim feast of Eid Al-Adha will begin on Thursday 24 September, one day later than expected as the new moon wasn't visible to Saudi Arabia's official moon-sighting body
h
ttps://ja.wikipedia.org/wiki/%E3%82%A4%E3%83%BC%E3%83%89%E3%83%BB%E3%82%A2%E3%83%AB%EF%BC%9D%E3%82%A2%E3%83%89%E3%83%8F%E3%83%BC
Egypt's annual inflation spiked in September h
ttp://english.ahram.org.eg/News/152371.aspx @ahramonlineさんから
Egypt's annual inflation accelerated to 9.4 percent in September compared to 7.9 percent in August, announced state-run statistics agency CAPMAS on Thursday.
Inflation had been slowing down over the past few months after soaring on the back of rising fuel prices in mid 2014.
The Egyptian central bank sold $37.5 million at a cut-off price of 7.9301 per dollar at its dollar sale on Sunday, 0.10 pounds weaker than Thursday's dollar sale.
The pound weakened further on the parallel market with the dollar changing hands at 8.40 pounds, one trader said, while another put it at 8.42 pounds to the dollar, weaker than Thursday's rate of 8.25 pounds.
Egypt, which has been facing a currency crisis due to what many economists consider to be an over valued pound, had allowed the pound to weaken to 7.8301 pounds per dollar from 7.7301 on Thursday.
Allowing the currency to weaken in a controlled way could boost Egypt's exports and attract further investment, but it also increases an already large bill for imports of fuel and food staples.
The central bank had kept the pound steady at 7.5301 to the dollar for five months until July, when it allowed it to slide to 7.6301. On July 5, the bank let it slip by a further 0.10 pound.
Egypt has sought to tame a once-thriving currency black market by imposing a cap on dollar-denominated bank deposits among other measures.
In January the central bank allowed banks to exchange currency at up to 0.10 pound above or below the official rate, with currency exchange bureaux allowed to trade at 0.15 pound above or below the official rate.
Foreign currency reserves, which stood at about $36 billion before the 2011 uprising, were $16.335 billion at the end of September despite billions of dollars in Gulf Arab aid since mid-2013.
Egypt's central bank kept the pound steady at a dollar sale on Sunday, as it sold $37.8 million at a cut-off price of 7.9301 pounds per dollar.
The pound strengthened, however, on the parallel market.
The official cut-off price was unchanged from Thursday's dollar sale but one trader said the dollar changed hands at 8.25 pounds in the parallel market, lower than Thursday's rate of 8.50 pounds to the dollar.
Egypt announced on Wednesday that central bank governor Hesham Ramez will be replaced by senior banker Tarek Amer, in a move welcomed by traders who expect a new approach to help ease the country's currency crisis.
Egypt has sought to tame a once-thriving currency black market with measures such as a cap on dollar-denominated bank deposits.
The central bank gave permission in January to trade dollars up to 0.10 pounds above or below the official rate, with currency exchange bureaux allowed to trade at 0.15 pounds above or below the official rate.
The central bank kept the pound at 7.5301 for five months until July and then allowed it to slide to 7.7301. This month it let it weaken by another 0.20 pounds to 7.9301.
Allowing the pound to weaken in a controlled way could boost exports and attract further investment, but it also raises Egypt's already large bill for imported fuel and food staples.
The Egyptian pound was stable at a dollar sale on Sunday, with the central bank selling $40 million at a cut-off price of 7.9301 pounds per dollar, while the currency strengthened on the parallel market.
The official cut-off price was unchanged from Thursday's dollar sale, but one trader said the dollar changed hands at 8.50 pounds in the parallel market on Sunday, compared with 8.52 pounds on Thursday.
Egypt announced last month that Hesham Ramez would be replaced as central bank governor this month by senior banker Tarek Amer. The move was welcomed by traders, who expect a new approach to the country's currency crisis.
Cairo has sought to tame a once-thriving currency black market with measures such as a cap on dollar-denominated bank deposits.
The central bank gave permission in January to trade dollars up to 0.10 pounds above or below the official rate, with currency exchange bureaux allowed to trade at 0.15 pounds above or below the official rate.
The central bank kept the pound at 7.5301 for five months until July, then allowed it to slide to 7.7301. In October, it let it weaken by another 0.20 pounds to 7.9301.
Allowing a controlled weakening of the pound could boost exports and attract further investment, but it would also raise Egypt's already large bill for imported fuel and food staples.
Egypt's annual inflation rate speeds up to 10.3% in October ht
tp://english.ahram.org.eg/News/164170.aspx @ahramonlineさんから
Ahram Online , Tuesday 10 Nov 2015
Egypt's annual inflation rate accelerated to 10.3 percent in October compared to 9.2 percent in September, official statistics agency CAPMAS announced on Tuesday.
The monthly inflation rate hit 2.3 percent in October compared to September.
Urban annual inflation rate reached 9.7 percent while rural inflation rate hit 10.9 percent.
General prices soared in Egypt after the government raised fuel prices in July 2014 as part of its fiscal reform programme aimed at reducing the ballooning budget deficit.
Egypt, a net importer, has also seen its Pound value weakened to the dollar.
7.7301 pounds to the dollar
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The official rate is still far stronger than the black market rate, which was around 8.575 pounds to the dollar on Sunday,
１４日午後カイロ公認レート１＄→８，８LE確認。闇は継続しており9,5前後の模様。Egypt's Central Bank depreciates pound, sells $198 mln in special auction ht
tp://english.ahram.org.eg/News/190931.aspx
Bassem Abo Alabass , Monday 14 Mar 2016
Egypt's Central Bank (CBE) sold $198.1 million to local banks in a $200 million exceptional auction earlier Monday at a "more flexible exchange rate" of EGP 8.85 per dollar against 7.73 in previous auctions, the bank stated on its website.
The depreciation in the local currency came five days after the CBE lifted last year’s limits on foreign currency dealings (deposits and withdrawal) by individuals and corporations in an attempt to bolster the people’s confidence in the banking sector and to eradicate the black market.
“The CBE decided to adopt a more flexible policy to heal the exchange rate distortions and to sustainably and regularly restore the circulation of foreign currency in banks,” read the Arabic statement on the bank’s website.
After the CBE's new pricing, banks are currently allowed to sell the dollar at EGP 8.95, which tightens the gap between the rates of the official and the parallel markets, according to Al-Ahram Arabic news.
The bank expects the recent decisions to positively affect the Egyptian economy and to help attract foreign investments, pushing the country’s international reserves to reach $25 billion by the end of this year.
The CBE governor Tarek Amer denied last month in a televised interview that Egypt may only consider floating its currency if foreign reserves range between $25 billion and $30 billion.
An anonymous senior official at CBE told Ahram Online that the decision is considered "a maneuver” to combat the informal market so that the value of the Egyptian pound will recover again against the dollar.
The foreign reserves recorded $16.53 billion by the end of February.
Egypt has been facing a foreign currency crunch since the political upheaval following the 2011 uprising drove away foreign investors and tourists, the country's main source of dollars.
The CBE has already taken several measures over the past few months to curb non-essential imports to reduce the total bill by $20 billion by the end of 2016.
Egypt imported $61 billion worth of goods in the fiscal year that ended June 30, according to official data.
International Data Corporation（IDC、インターナショナル・データ・コーポレーション）は12日、カイロのスマートビレッジに新たな専用オフィスを開設したと発表した。世界的な技術リサーチとコンサルタントの会社であるIDCによると、すでに多数のアナリストとコンサルタントが業務に就いており、本日の公式開所式の後も職員の募集は継続する。開所式は、ザ・ナイル・リッツカールトン・ホテルでヤセル・カーディ通信・情報技術相の出席の下に行われた「IDC Egypt CIO Summit 2016」に際して行われた。新オフィスは既に、エジプトの通信・情報技術省（MCIT）とIT産業開発局（ITIDA）の代表らが出席して、IDC経営陣幹部らによって正式に開設され、開業している。
Nine Egyptian exchange bureaus shut down over ‘repeated manipulation’ htt
p://english.ahram.org.eg/News/204152.aspx @ahramonlineさんから
Ahram Online , Thursday 21 Apr 2016
The Central Bank of Egypt (CBE) revoked on Wednesday the operating licences of nine foreign exchange bureaus after they were proven to have repeatedly manipulated and speculated on the price of the US dollar in the country’s parallel currency market, state news agency MENA reported, citing the bank’s deputy Gamal Negm.
The CBE’s decision coincided with reports from local and international media outlet saying that the pound dropped to around 11.3 against the dollar on the black market, though the official rate remains stable at 8.78.
CBE governor Tarek Amer denied on Wednesday any intention of officially devaluing the pound, blaming the “exaggerated” and “unjustified” rise in the exchange rate on speculation.
According to Negm, sanctions against currency exchange bureaus that commit violations may include jail time once a new CBE law is drafted.
In February, the CBE revoked the licences of four exchange bureaus operating 27 offices.
Egypt's foreign currency reserves stood at $16.5 billion in March, less than half of the $36 billion it registered before the 2011 uprising, which was followed by political and security unrest that spooked investors and tourists, the main sources of foreign currency.
今度彼らはAccel Partners率いるラウンドで170万ドルのシード資金を獲得し、モバイルアプリのバグ報告という最初の機能だけでなく、もっと機能を拡張していこうとしている。出資者の中には著名なエンジェル、Clouderaの協同ファウンダーAmr Awadallahや、MoPubのファウンダーでCEOの Jim Payneらがいる。
チームの多くは今でもエジプトにおり、だからMENA(Middle East and North Africa)地域のスタートアップ投資としては、これはかなり大きい方だ。同社のサンフランシスコのオフィスも、もっと大きくしていきたいと同社は考えている。
Egypt's pound weakens on black market amid devaluation talk ht
tp://reut.rs/2arGz1G @Reutersさんから
The Egyptian pound weakened to an unprecedented 13 to the dollar on the black market on Monday, hit by expectations of a devaluation as an acute hard currency shortage hampers trade in the import-dependent country.
The pound was trading in a wide range of 12.50 to 13.10 to the dollar on the black market on Monday, five dealers told Reuters, at least 42 percent weaker than the central bank's official rate of 8.78 per dollar.
The traders declined to give trade volumes but said demand had stabilised since the weekend, when two firms were urgently seeking to secure large volumes of dollars amid short supply.
Expectations of a devaluation, which have been floating around since Central Bank Governor Tarek Amer said in early July that maintaining a stable exchange rate had been a mistake, have exacerbated a dollar shortage that had already hit investment.
Last week, Amer ruled out a flotation of the pound for now but said a devaluation "depends on what the bank sees at the appropriate time". The comments added to the sense in the market that the central bank was preparing a move.
"People don't want to sell their dollars because they expect a devaluation," one trader said.
Egypt has faced a shortage in foreign currency since a popular uprising in 2011 and subsequent political unrest drove away tourists and foreign investors.
That put pressure on Egypt's foreign reserves, which fell from $36 billion that year to around $17.5 billion last month.
The central bank has been rationing dollars and keeping the pound artificially strong through weekly dollar sales, while businesses have taken to the black market to source their needs at a premium.
The central bank devalued the pound by almost 14 percent in March, briefly closing the gap with the black market. But the pound has since weakened to record levels on the black market, increasing pressure on the central bank to devalue again.
"I stopped selling my products yesterday as we wait to find out what will happen with the exchange rate and whether we need to raise our prices," said one businessman who sources dollars from the black market for his tyre import and sale business.
"Lately the rate has been climbing in a very weird way. A week ago it was 11.5 per dollar."
Bankers and economists say a devaluation is inevitable but the central bank must attract dollars into the economy to avoid prolonged uncertainty and periodic rate adjustments.
Although the central bank said it would adopt a more flexible exchange rate following the March devaluation, there has been no change in the official rate since then.
"If devaluation is to be effective, the central bank must allow for a more flexible FX regime which would let the currency find its own level rather than simply re-peg at a weaker point," said Razan Nasser, economist at HSBC Bank Middle East. (Additional reporting by Ola Noureldin; Editing by Lin Noueihed; Editing by Tom Heneghan)
Egypt's new value-added tax was officially implemented on Friday shortly after Egyptian President Abdel-Fattah El-Sisi ratified it, Egypt's finance ministry said in a statement on Saturday.
The statement added that following Eid Al-Adha holiday this week, meetings would be held with business representatives to explain the mechanisms that the ministry would use to ensure correct implementation of the new law, as well as clarifying the needed procedures for companies paying the tax.
The ministry added that the law allows a three-month deadline as a transitional period so that companies and all those involved within the law can adjust their conditions, stressing that no fines would be imposed for a delay in payments of the due tax.
According to Article 9 of the VAT law, bylaws on the tax's implementation will be issued by the finance minister within 30 days from the law's ratification in the official gazette.
In August, Egypt's parliament approved the law at a rate of 13 percent for the 2016/17 fiscal year, to rise to 14 percent the following year.
It also increased the list of exempted commodities to 56 from 52 items.
The exemption list includes all essential food goods, dairy products, baby formula and all local and imported medicine.
Non-exempted goods and services falling under the new tax would include TV and radio production, taxed under the new VAT at a rate of 5 percent, imported vegetables, imported wheat products, cosmetic surgeries for non-medical causes, alcoholic drinks, and mobile phone services.
The VAT aims at reducing tax evasion, as it will be applied to each member of the production chain of goods and services, instead of the current sales tax that is imposed as a one-off on the final sale to customers.
The long-awaited VAT law is part of the government's fiscal reform programme, implemented in July 2014, through which energy subsidies are being cut and new taxes are being introduced to reduce the country's ballooning budget deficit – estimated at 11.5 percent of GDP in fiscal year 2015/16.
The reform programme, which has been endorsed by the International Monetary Fund, has lead to an initial agreement between the government and the global lender on a $12 billion fund facility over three years.
The initial accord is expected to be approved by the fund's executive board in the coming weeks.
President El-Sisi has strongly campaigned in recent months for his programme of economic reforms stressing on more than one occasion "that there is no time to postpone reforms that should have been put in place years ago."
Egypt, which relies heavily on imports, particularly of foodstuffs, has been suffering a severe shortage of US dollars in the wake of political and security unrest that has scared off tourists and foreign investors, two major sources of hard currency.
ユニチャーム <8113> は20日、為替市場で急激で大幅なエジプトポンド安が生じたことを理由にエジプト子会社のUnicharm Middle East & North Africa Hygienic Industries Company社向け債権（貸付金）、約7890万ドル（約81億4000万円）の債権放棄を実施することを発表した。
Egypt's petroleum ministry announced late on Thursday new raises in the fuel subsidized prices that will come into effect as of Friday.
In an official statement, the ministry sent a table that shows the fresh price hikes of octone, diesel, butane gas, natural gas and the low-quality fuel of mazut.
The price of 80-octane gasoline has gone by 30.5 percent from EGP 1.60 per liter to EGP 2.35.
The price for 92-octane gasoline changed from EGP 2.60 to 3.50, while the diesel price is now EGP 2.35 compared to 1.80, according to the statement.
In late 2012, the government liberalised the price of the highest quality gas, octane 95, which is currently sold at EGP 6.25 a litre.
The price of a small gas cylinder has gone up from EGP 12.5 to 15. However, the big cylinder will cost EGP 30 instead of 25.
The move comes as part of the government's plan to slash its total subsidy bill in the new budget by 14 percent to reach EGP 130.1 billion in the 2016/17 fiscal year compared to the current fiscal year to end in June.
The government plans to trim the petroleum subsidy bill by 43.5 percent to reach EGP 35 billion and the electricity subsidy bill by 6.4 percent to EGP 29 billion in 2016/17 due to the falling in the global oil prices.
Egypt embarked on a fiscal reform programme in July 2014 in an attempt to curb the growing state budget deficit -12.2 percent of the GDP- through cutting subsidies and introducing new taxes including the value added tax.
The reform programme is getting Egypt closer to the IMF board approval of a $12 billion loan package to be delivered over three years.
Long queues of motorists lined up at several Cairo petrol stations, hoping to fill up their tanks before the new increases become effective.
Newly floated Egyptian pound moves little as interbank trading begins ht
tp://reut.rs/2eru4A1 @Reutersさんから
Egypt's pound was almost steady early on Sunday as banks began trading freely for the first time since authorities ditched the currency's peg in a policy shift designed to crush a black market and clinch an International Monetary Fund loan.
Interbank trading began at 1030 a.m. (0830 GMT) but activity was extremely slow because banks were uncertain about the prospects for supply and demand of U.S. dollars.
The pound weakened slightly from 15.50 against the dollar on opening to 15.75 in the first 75 minutes. Banks were bidding for dollars around 15.60 and offering around 16.00. The pound had closed at 15.35 on Saturday.
The value of the Egyptian pound was further weakened on Tuesday among local lenders to register an average of EGP 17.8 per US dollar, falling from an average of EGP 16.8 on Monday, according to online data from four major banks.
However, in the black market, the greenback recorded an average of EGP 18.25, a trader told Ahram online on condition of anonymity.
The new rates come on the third working-day after the Central Bank of Egypt decided at the end of last week to float the pound against foreign currencies, allowing local banks to freely set the exchange rate in an attempt to attract foreign cash liquidity from the informal market and stabilise the country’s ailing economy.
“We are expecting the dollar’s buying rate to rise to EGP 20 by end of this week,” the trader said, attributing this to importers who are willing to offer this high price to attract the largest amount of the dollars, “which they do not find in the official market.”
“Foreigner students, employees and families of expat workers are the people who sell their dollars to these importers,” the trader added.
Last week, the Egyptian Federation of Chambers of Commerce called on member merchants to refrain from dealing with the parallel market for two weeks and to reduce their imports – excluding essential commodities – in the next three months in an attempt to eradicate the black market.
Taxi meters will now start at EGP 4 instead of EGP 3
Ayat Al Tawy , Tuesday 22 Nov 2016
Cairo’s governor has increased the tariffs of the city’s white taxis by 25 percent in the wake of hikes in fuel prices earlier this month, part of a package of government economic reforms.
Taxi meters will now start from EGP 4 instead of EGP 3 for a one kilometer journey, with each subsequent kilometer priced at EGP 1.75, up 35 piastres from the previous rate of EGP 1.40.
The new tariff increases “have been introduced following final approval from the cabinet," read a statement by Governor Atef Abdel Hamid released on Tuesday.
Cabs in the Cairo area had begun operating under the new rates on Monday.
"All prices are going up like crazy and our [fares] have remained the same. That was unfair," a taxi driver in downtown Cairo told Ahram Online.
A committee of experts which imposed the new increases aimed at fair prices for both drivers and passengers, Cairo governorate official Mohamed El-Sheikh said in comments carried by state news agency MENA.
The last time taxi tariffs were increased was in June 2014, when the starting kilometre went up from EGP 2.5 and the subsequent kilometres from EGP 1.25.
White cabs were first introduced in the capital in 2009 to replace rickety black-and-white vehicles which operated without working meters.
Earlier this month, Egypt reduced subsidies of petroleum products leading to an increase in prices at the pump. Lower grade petrol increased by nearly 50 percent to EGP 2.35 a litre, while higher octane fuel rose by over a third to EGP 3.5 per litre.
Natural gas used in vehicles also went up by some 45 percent to EGP1.6 per litre.
The hikes in prices of petroleum products came on the same day the country took the major step of floating the Egyptian pound in hopes of addressing a dollar crunch.
The pound has since slid from EGP8.8 to the dollar to approximately EGP17.5.
The resulting rise in prices has caused concern among many Egyptians.
The Egyptian pound depreciated further against the dollar in some banks mid-Tuesday, reaching a selling price of 19.75 compared to between 18.95 and 19.15 on Monday.
The dollar’s highest selling prices were seen at the Egyptian Gulf Bank and Misr Iran Development Bank. Meanwhile, government-owned banks; Banque Misr, Al-Ahli Bank and Banque du Caire sold dollars at the lower rate of LE19.2.
On Monday, the Egyptian pound declined by more than LE0.8 to the dollar in banks after being stable for three days.
A banker told Reuters that the reason behind the decline of the Egyptian pound is an increase in dollar requests towards the end of the year as companies are "closing their books or seeking to repatriate profits."
Senior Economist at Arqaam Capital Reham al-Desouky said that a decline in the Egyptian pound’s exchange rate against the dollar will depend on the inflows of foreign currency “by the beginning of the new year” in the form of investments in treasury bonds and stocks.
Egypt floated the pound on November 3 and raised interest rates by 300 basis points in a dramatic move welcomed by businesses as the key to unlocking investment.
Egypt's dollar peg had drained the central bank's foreign reserves, which have been hit hard by reduced foreign investment following political turmoil in the past few years, forcing the bank to impose capital controls and ration dollars, a situation that made the black market for the foreign currency thrive.
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Governor of Cairo Approves a Raise in the White Taxi Tariff htt
p://www.cairoscene.com/Buzz/Governor-of-Cairo-Approves-a-Raise-in-the-White-Taxi-Tariff @Cairosceneさんから
n keeping up with the surge in prices Egypt has been experiencing, especially in the aftermath of the late lift of fuel subsidies and the free floatation of the Egyptian pound, the Governor of Cairo, Atef Abdel Hamid, approved a new tariff for the white taxi on Monday the 21st, according to Al Bawaba.
The new tariff would have the metres start at 4 EGP instead of the previous 3 EGP, and the per kilometre price will be set at 1.75 EGP instead of 1.40 EGP, which is an increase of 35 piasters per kilometre. The waiting rate will also increase by 14 piasters to stand at 39 piasters per minute (14 EGP per hour.)
The new tariff is currently being gradually activated among taxis, where some have already started operating by it.
Egypt's Finance Minister announces they will fix the dollar exchange rate to 18.5 EGP for importers, and promises to revisit and adjust the rate on a monthly basis at the end of February.
Egyptian importers have been struggling to maintain their operations since the central bank decided to free float Egypt’s currency in November. In an effort to keep the Egyptian pound flexible, and yet predictable for importers, Egypt’s Finance Minister announced that Egypt will fix the customs exchange rate at 18.5 pounds per dollar until the end of February.
According to the state news agency MENA, Egypt’s Finance Minister has fixed the customs exchange rate at 18.5 EGP per dollar until the end of February, promising to review and adjust the rate each month. Egypt abandoned its peg of 8.8 EGP to the U.S dollar in November to secure a $12 billion loan from the International Monetary Fund.
Since then, Egyptian importers have been struggling to deal with their dollar debts after the value of the Egyptian pound was halved, making it increasingly difficult to price their imported goods in Egyptian pounds pleading the government to intervene and fix the customs dollar exchange rate. However, many importers believe the new measure falls short of the help they require as Ahmed Shiha, head of the importers division at the Cairo Chamber of Commerce, tells Reuters that, "They are taking the average rate at the banks and the dollar may weaken during that month. We were expecting the rate to be at 10 pounds per dollar."
Egypt's Big Macs Are Officially the Cheapest in the World htt
p://www.cairoscene.com/Buzz/Egypt-s-Big-Macs-Are-Officially-the-Cheapest-in-the-World @cairosceneさんから
The price of a Big Mac varies greatly depending on which country you're in when you make your order. If you're in the US, home of the Big Mac, you're looking at a 5 dollar bill. Egypt, however, offers the cheapest Big Mac in the world, costing only $1.46, The Telegraph reports.
Egypt, along with Ukraine, Malaysia, and South Africa are the only countries that offer a Big Mac for under $2. The world's most expensive Big Mac is found in Sweden, where it sets you back $6.35.
Since 2016, Egypt moved 6 spots down the Big Mac Index (yes, that's a thing), replacing Venezuela - where you could get a Big Mac for as low as 60 cents around the same time last year - as the country with the cheapest Big Mac. At $3.1 a pop, Saudi Arabia, the only other Arab country featured on the Big Mac Index, makes the list as the 12th cheapest country for the fast food delight.
The new price comes after the devaluation of the Egyptian pound last November, which cost the pound 40% of its value against the US dollar.
The Central Bank of Egypt floated the pound and raised key interest rates in November as part of a set of reforms to revive the country's flagging economy
Ahram Online , Saturday 11 Feb 2017
Egypt's annual headline inflation rose to 29.6 percent in January from 24.3 percent in the previous month, hitting its highest level after the country freely floated its currency against the dollar in November, state statistics body CAPMAS announced Saturday.
Annual headline inflation was registered at 10.7 percent in January 2016.
In an emailed statement today, CAPMAS attributed the spike in inflation to price hikes in basic goods and services.
The cost of foodstuffs and beverages rose by seven percent in January 2017 compared to November 2016 and 38.6 percent year-on-year.
Egypt's annual core inflation registered 25.86 percent in December from 20.73 percent in November, the Central Bank of Egypt (CBE) announced in early January.
The core consumer price index that the CBE uses to measure the level of prices – after excluding volatile cost commodities such fruits and vegetables – started to hit double-digits in May 2016, when it recorded a seven-year-high rate of 12.2 percent.
The CBE decided in early November to float the pound against the dollar and raise key interest rates as part of a set of reforms aiming to revive the country's flagging economy.
In July 2014, Egypt embarked on a fiscal reform programme in an attempt to curb a growing state budget deficit — now 12.2 percent of the GDP — by cutting subsidies and introducing new taxes, including the value added tax.
Egypt's economy has been struggling since the 2011 uprising, with a sharp drop in tourism and foreign investment, two main sources of hard currency for the import-dependent country.
The Central Bank of Egypt announced on Monday that the country's core inflation soared to a record 30.86 percent in January from 25.86 percent the previous month, as consumers continue to be hit with prices upsets after the country's flotation of its currency and increase in fuel prices.
According to the CBE, the monthly rate increased by 5.0 percent in comparison to a 4.35 percent increase last December.
The US dollar has strengthened against the Egyptian pound for first time in almost a month to register an average of EGP 18 on Tuesday, according to central bank data.
In early February, the official exchange rate of the pound against the greenback strengthened from EGP 18.5 to EGP 15.7 in the middle of last month.
Accordingly, Egypt's finance ministry lowered the customs dollar twice last month to reach an exchange rate of EGP 16 and then down to EGP 15.75 to reflect the leap in the Egyptian pound's value against the greenback.
The ministry has stated that it would revise the exchange rate of the customs dollar again in the coming days.
In January, the customs dollar registered EGP 18.5 after the pound's value weakened significantly, reaching EGP 19 against the dollar only one month after the Central Bank of Egypt (CBE) decided to float the pound.
The CBE freely floated the pound from its fixed EGP 8.88 rate against the dollar in early November as part of a set of economic reforms to alleviate Egypt’s flagging economy.
Egypt’s foreign reserves reached $26.3 billion by the end of January 2017, up from around $16.5 billion in January 2016, the central bank said.
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Egypt's cabinet announces new increase in price of subsidised energy ht
tp://english.ahram.org.eg/News/271715.aspx @ahramonlineさんから
Ahram Online , Thursday 29 Jun 2017
Egypt’s cabinet announced on Thursday a cut in energy subsidies, effective immediately, resulting in an increase in fuel prices.
The price of 80-octane gasoline has increased from EGP 2.35 per litre to EGP 3.65.
The price of 92-octane gasoline has been raised from EGP 3.50 to EGP 5.
The price of gas cylinders has doubled from EGP 15 to EGP 30.
Prime Minister Sherif Ismail said on Thursday that the implementation of economic reform measures can no longer be delayed.
"The cost of fuel subsidies approaches EGP 150 billion, a cost the state cannot bear," Ismail said.
Ismail said that the cuts in energy subsidies will free up funds that will be redirected towards measures that would protect low-income citizens.
"Mostly there has been no justice in the distribution of subsidies. What we are doing now is correcting the allocation of subsidies as part of the country's economic reform programme," Ismail said.
The move comes as part of the government's five-year plan to gradually scrap its fuel subsidy bill from the state budget. The goal is to decrease subsidies from EGP 145 billion this fiscal year – which ends in June – to EGP 110 billion in the 2017/18 fiscal year.
Fuel subsidy cuts were part of an economic reform package adopted in July 2014 that aimed to ease the country's growing budget deficit.
The first increase of fuel prices came in November, shortly following the Central Bank of Egypt freely floated the pound.
Egypt will hike household electricity prices by up to 40 percent this fiscal year, but will keep energy subsidies in place for three years longer phasing them out completely by the end of the 2021-22, said Electricity Minister Mohamed Shaker in a news conference Thursday.
The announced hikes range between 18-42 percent, depending on consumption levels, and will be applied starting August, Shaker said during the conference announcing the new electricity prices.
“Owing to conditions related to the big increase in the exchange rate, we have extended the period for subsidies by three more years,” he said.
The slashing of subsidies is a reform measure, part of the three-year $12 billion International Monetary Fund loan agreement, that Egypt hopes to pull back foreign investors.
According to the new price hike, households consuming 0-50 KW will be charged LE 0.13 instead of LE 0.11, an increase of 18 percent. Consumers of 51-100 KW will pay an extra 3 piasters at LE 0.22, instead of LE 0.19, marking a 15 percent increase.
The third tranche witnessing increase is for Egyptians consuming from 0 to 200 KW. They will be charged LE 0.27, up from LE 0.21, an increase of 25.5 percent.
The fourth tranche for consumers using 201 to 350 KW will be charged at LE 0.55, up from 0.42, a 30 percent increase. Users between 351 to 650 KW will be charged LE 0.75, up from LE 0.55, marking a 37 percent increase.
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Customers in high consumption tiers using 651 to 1000 KW will pay LE 125, an increase of 35 percent, compared to a previous LE 0.95. The highest consumption tier from zero to more than one thousand kilowatts will be charged LE 1.35 instead of LE 0.95 piasters, marking the highest increase of 42 percent.
Shaker explained in the conference that profit generated from the highest-volume customers will be used to partially cover the subsidy for the lowest consumption bracket.
Egypt’s heavy dependence on imports has been hit by soaring inflation since it floated its currency in November, allowing it to roughly halve in value. Prices are still expected to rise following hikes to the prices of electricity and fuel.
Egypt spent LE 64 billion on electricity subsidies during the 2016-17 fiscal year ending in June, higher than the 30 billion pounds expected in the budget as a result of the November currency float, Shaker said, adding that the extension was due to the weak local currency following the country’s decision to float the Egyptian pound in November.
The price hikes will cut subsidy spending to LE 52.7 billion in the current fiscal year and then to 43.4 billion pounds in the 2018-19 fiscal year, Shaker added.
Egypt raises metro ticket prices by another 100 percent ht
tp://ara.tv/w75xg @AlArabiya_Engさんから
ReutersSunday, 9 July 2017 Text size A A A
Egyptian Transport Minister Hesham Arafat said his country would raise the price of metro tickets in Cairo to millions of passengers by up to 100 percent by 2018.
Arafat said in an interview with local newspaper Al Masry Al Youm that the prices of tickets will be between 2-4 pounds, depending on the number of stations used by the passenger and that he expects the new prices to come into effect in early 2018.
The news comes just months after Egypt raised the price of tickets by 100 percent to LE 2 per passenger.
The announcement of the new hike in prices comes a few days after the government raised the prices of all petroleum and electricity materials, and raised the fees for a number of services.
Last Update: Sunday, 9 July 2017 KSA 17:31 - GMT 14:31
The country’s Consumer Price Index (CPI) continued to decline in June, registering 0.8 percent, compared to 1.6 percent in May and 1.8 percent in April
Ahram Online , Monday 10 Jul 2017
Egypt’s annual headline inflation rate registered 30.9 percent in June, showing no change on May, state statistics body CAPMAS said in a statement on Monday.
However, the country’s Consumer Price Index (CPI) continued to decline in June, registering 0.8 percent, compared to 1.6 percent in May and 1.8 percent in April.
CAPMAS said that food and beverage prices had increased by 40.8 percent year-on-year, making them the highest contributors to this month’s inflation rate.
Cooking oil increased by 58.2 percent year-on-year, seafood increased by 55.1 percent, while sugar and sugar-related products such as jam increased by 56.4 percent.
Gold, meanwhile, rose by 67.6 percent over the past year.
In November, the Central Bank of Egypt floated the Egyptian pound in an attempt to stabilize an ongoing loss in its value. The move saw the currency fall to EGP 18 to the dollar from an official rate of EGP 8.8, although it had been trading at over EGP 18 on the black market prior to the floatation.
Egypt, which relies heavily on food imports, has been suffering from an ailing economy and an acute foreign-currency crisis since the 2011 uprising that overthrew long-time president Hosni Mubarak.
The decision to float the Egyptian pound was part of an economic reform programme begun in 2014. The programme also cut subsidies and imposed new taxes such as the value-added tax, in an effort to reach a higher growth rate and reduce the budget deficit to 9.1 percent of gross domestic product in the 2017/18 fiscal year.
Ayat Al Tawy , Wednesday 12 Jul 2017
New "high-quality" buses similar to those seen on the streets of Europe have been put into service in Cairo in a bid to offer a possible alternative for private car owners to help ease increasing congestion in the traffic-choked capital, a transport official said.
Ten air-conditioned mini buses were put into service last week and 30 more will be operational on 1 August, the head of Egypt's General Transport Authority Rizk Ali told Ahram Online on Wednesday.
The 40 vehicles, which are part of private and state projects to provide hundreds of these buses in the next few years, will run across four lines serving areas including Shubra, Cairo International Airport, downtown's Ramses, Heliopolis and Obour City.
Egypt’s public buses are notorious for being poorly maintained and overcrowded, and are rarely used by well-off Egyptians. This has resulted in an increasing number of private cars on the streets, which causes congestion throughout the day in a capital of some 22.8 million people.
There are 2.3 million licensed private cars in Cairo, according to data released last month by state-run statistics body CAPMAS.
The new buses are fitted with a number of high-tech features including free Wi-Fi, USB sockets for passengers to charge their phones, CCTV cameras and digital displays showing upcoming stops, and entertainment screens.
More importantly, the buses will offer the use of pre-paid smart cards.
Tickets for the new 26-seater buses cost EGP 5, as opposed to the EGP 1 and EGP 2 tickets for regular public buses.
The Transport Authority will merely oversee operation of the vehicles, which are owned by the Egyptian Advanced Company for Public Transportation; 70 percent of which is owned by Emirates National Group.
The new buses are part of the company's EGP 1 billion plan to bring a total of 180 buses and mini buses into operation along 18 lines across Cairo in its first phase, the company said in a statement reported by local media on Wednesday.
The vehicles will be put into service gradually till June 2018, but Ali believes the plan could take longer, given a delay in running the first batch of 10 buses.
"We will supervise everything about the service, the Wi-Fi connection, the air-conditioning, etc. It would not be acceptable for passengers to pay EGP 5 and after one month find all these functions out of service," Ali told Ahram Online.
The authority plans to impose a strict system of regular maintenance on the vehicles, where a bus with a non-functioning feature will be suspended, Ali added.
In addition to the 180 privately owned buses, Ali said the authority plans to bring into operation over 160 more European-style buses with the same features.
These include 13 double-deckers that will go into operation in Cairo before the end of the year and 150 mini buses to be brought into service gradually over the first half of 2018.
The authority is also considering financial offers for its plan to run 300 natural gas vehicles in the capital.
"We aim to offer services that will eventually reduce energy consumption, air pollution, congestion and the impact on global warming."
Last month, the government hiked fuel prices by up to 50 percent, a sharp rise and further obstacle for many Egyptians struggling with soaring living costs.
Eastern Tobacco Company increased the prices of 3 categories of cigarettes from an added 50 piasters up to LE2.25, as of Wednesday.
The price of Cleopatra King Size rose from LE10.5 to LE11.5, Cleopatra Queen from LE12 to LE12.5, and Cleopatra Super from LE12.75 to LE15.
The company said in a statement Wednesday that the increase in prices comes in accordance with the provisions of the Value Added Tax Law No. 67 of 2016.
Abdel Moneim Matar, adviser to the Minister of Finance, denied in a statement to Al-Masry Al-Youm that the increase is not related to the application of the VAT law. He said the one percent increase in the VAT was applied in the budget for the current fiscal year.
The Ministry of Finance has informed the company that it targets getting LE52 billion from the company’s sales in this year’s budget, to help bridge the deficit gap resulting from the huge increases in expenses.
The increase in the prices of cigarettes will consequently lead to an increase in tax collected from the company, Matar pointed out.
He attributed the increase in the prices of some types of cigarettes to the price policy of Eastern Tobacco Company, due to increase in the cost of raw materials and production elements, and not the VAT.
“The company should notify the Tax Authority of the new price because it requires higher tax rates upon the new prices,” Matar mentioned.
The Tax Authority described Eastern Tobacco Company’s decision as a “single decision” issued without coordination with the Tax Authority, contrary to what used to happen in the past when the company coordinated with the Authority before raising prices.
UAE-based cab hailing company Careem raised their fares on Monday in Egypt to cope with the recent hike in fuel prices, according to a statement by the company emailed to Ahram Online.
Head of Careem Egypt Operations and Vice President of Careem Care Ramy Kato said in the statement that “Careem works carefully to avoid putting additional burdens on its drivers while maintaining quality standards of our customers.”
The statement said that the updated fare differs from one city to another.
The company currently operates in several areas including Cairo, Alexandria, Mansoura, Damanhour, Sharqiya, as well as the Red Sea’s El-Gouna and the Mediterranean’s North Coast.
For customers in Cairo, a “value ride” has a starting fare of EGP 5.5, with EGP 2.21 per km and a waiting charge of EGP 46 per hour, while Alexandria has a set starting fare of EGP 6.5, with EGP 2.20 per km and a waiting charge of EGP 36 per hour.
“The company has temporarily suspended the peak factor feature for one week, from 13 to 20 July, and will bear the cost of all price differences throughout this period,” Kato said, adding that the welfare of customers is a “top priority” for Careem.
It is unclear if Careem’s rival, San Francisco-based Uber, will follow suit and increase fares.
The Egyptian government recently cut fuel subsidies for the second time in less than one year.
In November 2016, Egypt’s petroleum ministry announced fuel subsidy cuts as part of its fiscal reform programme, after which Careem increased drivers' wages to cope with the fuel price hikes.
The San Francisco-based ride-hailing company Uber increased their base fare prices in Egypt to start at LE6, with the aim of balancing the effects of increased fuel prices implemented earlier this month, Abdel-Latif Waked, Uber Egypt’s general manager, said on Wednesday.
For an average UberX ride, the base fare has been raised from LE5 to LE6 and the LE1.5 per kilometer has been raised to LE1.85.
“The aim of the fare increase is to maintain a sustainable living for Uber drivers while ensuring that our riders continue to move around their cities with affordable, efficient and safe rides,” the company said in a statement.
As for UberSELECT rides, the base fare prices are at LE7 and the price per kilometer is LE2.
The minimum fare was set at EGP10 and EGP15 for the standard and premium services, respectively.
Uber says that its average UberX ride in Cairo remains more affordable than other ride-hailing apps, despite the new price increase.
Uber is currently operating in Cairo, Alexandria and Mansoura, in addition to providing services at North Coast resort areas throughout the summer.
Uber’s rival, the Dubai based ride-hailing app Careem, also increased their fares in Egypt on Monday to start at LE5.5 and charge LE2.21 per kilometer.
The price adjustment, following the fuel price hikes, aims to ease additional burdens on Careem’s drivers, while ensuring the quality of service provided to the riders, Rami Kato, Careem’s chief operating officer in Egypt said.
The prices of tickets for public buses in Cairo increased on Friday by 50 piastres, state news agency MENA reported.
One-pound tickets will now be sold for EGP 1.5, while EGP 2 tickets will increase to EGP 2.5.
The hike in prices will allow the Cairo Public Transport Authority to develop and enhance its services, especially following the increase in fuel prices, the head of the authority, Rizk Ali, told MENA.
Egypt’s cabinet announced a cut in energy subsidies in June, with the price of 80-octane gasoline increasing from EGP 2.35 per litre to EGP 3.65, and the price of 92-octane gasoline increasing from EGP 3.50 to EGP 5.
In March, the price of a standard metro-ticket doubled from EGP 1 to EGP 2.
ttp://www.egyptindependent.com/us-dollar-exchange-rate-declines-2/
August 25, 2017
Banks operating in the Egyptian market ended their weekly trade, recording a decline in the dollar exchange rate compared to the Egyptian pound by up to four piasters.
In Banque du Caire, the dollar price recorded LE17.67 for purchase, and LE17.77 for sale, and LE17.69 for purchase and LE17.79 for sale at the National Bank of Egypt.
In the Bank of Alexandria, the Commercial International Bank, Banque Misr, and Abu Dhabi Islamic Bank, the dollar price recorded LE17.68 for purchase, and LE17.78 for sale.
The Saudi Riyal meanwhile recorded LE4.68 for purchase, and LE4.74 for sale at the Bank of Alexandria on Friday. At Cairo International Commercial Bank, Banque du Caire, and ADIB, the dollar recorded LE4.69 for purchase, and LE4.74 for sale.
Egypt raises water and sewerage bills as part of IMF reforms
#Economy
Egypt is taking steps to reform its economy to help meet the terms of the $12bn IMF bailout loan agreed last year
Friday 4 August 2017 10:40 UTC
The Egyptian government has increased the prices of drinking water and sewerage fees up to 50 percent as part of an extensive economic reforms programme aimed at closing the budget deficit.
The decision reported on Thursday goes into effect in August. The rises save a billion Egyptian pounds in subsidies, said Mohi el-Serafi, a spokesman for the country’s water and sewage agency.
Egyptians will be paying between 00.30 and 00.45 Egyptian pounds for the consumption of up to 10 cubic metres of water and from 00.70 to 1.20 Egyptian pounds for up to 20 cubic metres.
Sewerage fees, which are calculated as a percentage of water prices, increased to 63 percent of the water price - up from 57 percent, according to figures published on the Official Gazette.
Egypt is taking steps to reform its economy including flotation of the currency. The measures meet demands by the International Monetary Fund, which secured a $12bn bailout loan to Egypt.
The government raised electricity prices by up to 42 percent and fuel prices up to 50 percent this fiscal year, to help meet the terms of the IMF loan.
Egypt abandoned its currency peg of 8.8 Egyptian pounds to the US dollar on 3 November last year - a dramatic move that has since seen the currency's value fall by roughly half. It accompanied the move with a 300 basis point interest rate rise to fight inflationary pressures.
Despite that measure, inflation has been rising sharply and is expected to climb as the government pushes on with economic reforms, including fuel subsidy cuts and the implementation of a value-added tax (VAT), which helped it secure the IMF loan.
President Abdel Fattah al-Sisi is under increasing pressure to revive the economy, keep prices under control and create jobs to avoid a backlash from the public.
Egypt's President Abdel-Fattah El-Sisi ratified on Thursday amendments to the Value Added Tax (VAT) law that raise taxes on cigarettes and other tobacco products.
The amendment to Law 67/2016 was approved by parliament on Tuesday.
Egyptian cigarette manufacturer Eastern Tobacco Company announced Thursday evening that cigarettes will be sold at the increased prices effective immediately.
The company said that cigarette prices have been increased between 12.5 percent and 21.7 percent or by EGP 2 to EGP 3.5 per pack.
The Egyptian cabinet has dismissed "rumours" of new price hikes for fuel and petroleum products.
The cabinet's Information and Decision Support Center (IDSC) said on Sunday that it had communicated with officials in the petroleum ministry who described reports of fuel prices increase as "rumours".
Over the past weeks, several local media outlets have reported a likely spike in fuel prices.
In 2014, the government embarked on an economic reform programme to phase out energy subsidies in an attempt to curb the growing state budget deficit.
On 3 November 2016, prices rose between 35 and 50 percent for all sorts of fuel, after the central bank's decision to float the Egyptian pound.
At end June 2017, Egypt’s cabinet approved another cut in energy subsidies, resulting in an increase in fuel prices.
The price of 80-octane gasoline increased from EGP 2.35 per litre to EGP 3.65, following the June 2017 decision, with the price of 92-octane gasoline rising from EGP 3.50 to EGP 5, and the price of gas cylinders doubling from EGP 15 to EGP 30.
The government said in November 2017 that it was not considering an increase in fuel prices before 30 June 2018, the end of the current fiscal year, and is planning to stop importing gas before the end of next year.
Cairo International Airport increased parking fees on Monday by 100 percent.
The Cairo Port Authority, which manages the entrance gates at Cairo airport's parking lots, said that different rates will be applied according to the category of vehicles.
Parking fees for taxis and privately owned cars have been set at EGP 20 for the first three hours and EGP 10 for each subsequent hour. Parking fees for a full day have been set at EGP 100.
For microbuses and pickup trucks, fees have been set at EGP 30 for the first three hours and EGP 15 for each subsequent hour, while buses and transport vehicles will be charged EGP 30 for the first three hours and EGP 20 for each subsequent hour.
Trucks and the semi-trailers will pay EGP 60 the first three hours and EGP 30 for each subsequent hour.
The increase does not apply to airport employees and workers with affiliated companies, the port authority said.
In 2016, parking fees at Cairo airport witnessed their first increase in nine years from EGP 5 to 10.
The port authority said that the new increase is due to renovations, maintenance and services newly installed at airport gates, which cost around EGP 60 million.
With the countdown to the Eid Al-Adha well underway, families across Egypt are preparing to buy animals such as sheep, camels and cows to slaughter to commemorate the sacrifice of the Prophet Ibrahim.
With prices of cattle seeing a 15 to 25 per cent increase this year, according to butchers who spoke to Al-Ahram Weekly, more and more people are abandoning their life-long tradition.
“It is a trend that has been with us over recent years, and it has been getting more and more present as prices rise. The recent price hikes make meeting day-to-day expenses a battle,” commented Ramadan Ahmed, a butcher in the Cairo district of Zeitoun.
A kilogram of slaughtered meat now costs between LE140 and LE180 compared to LE100 and LE130 last year.
CAIRO, Dec 10 (Reuters) – Egypt’s annual urban consumer price inflation rate decreased to 15.7 percent in November from 17.7 percent in October, the official statistics agency CAPMAS said on Monday.
Egypt raised fuel, electricity and transportation prices earlier this year to help meet the terms of a $12 billion IMF loan programme it signed in late 2016, pushing inflation up steadily on the back of rising food prices.
The exchange rate of the US dollar was relatively stable during morning transactions on Tuesday at major banks after a wave of declines over the past two days that reached about 30 piasters, recording its biggest daily retreat in two years.
The dollar exchange rate settled at EGP 17.61 for buying and EGP 17.71 for selling at the National Bank of Egypt and Banque Misr.
The price at the Commercial International Bank was stable at EGP 17.60 for buying and EGP 17.70 for selling.
At the Arab African International Bank, Bank of Alexandria and Abu Dhabi Islamic Bank the rate recorded EGP 17.58 for buying and EGP 17.68 for selling.
At the National Bank of Greece, it recorded EGP 17.57 for buying and EGP 17.67 for selling
US dollar fell below EGP17 for the first time in two years as the Egyptian pound continued to slowly rise against it at the end of transaction in various major banks in local market on Thursday.
The US dollar declined on Thursday and hit EGP16.99 for purchase and EGP17.09 at the National Bank of Egypt, Banque Misr, Banque du Caire, Alexandria Bank, Audi Bank and the Commercial International Bank (CIB).
The price of the dollar has dropped by EGP0.9 since the start of 2019.
Egypt devalued its currency by 48 percent in 2016, allowing it to float freely as part of the economic reform programme carried out as a condition of a three-year $12 billion IMF's loan. The dollar's price reached its peak EGP19 in December 2016 and swung around EGP18 during the past two years.
The exchange rate of the Egyptian pound to the US dollar was relatively stable during morning transactions on Sunday at major banks, after a wave of declines over the past few weeks that reached 110 piastres* since the beginning of 2019, according to the Central Bank of Egypt (CBE).
The dollar exchange rate settled at EGP 16.73 for buying and EGP 17.83 for selling at the National Bank of Egypt and Banque Misr.
The rate stood at EGP 16.69 for buying and EGP 16.79 for selling at the Commercial International Bank (CIB).
It recorded EGP 16.70 for buying and EGP 16.80 for selling at Bank of Alexandria.
At the Arab African International Bank, the dollar exchange rate settled at EGP 16.73 for buying and EGP 16.83 for selling.
The dollar price stood at EGP 16.71 for buying and EGP 16.81 for selling at the National Bank of Greece.
Egypt increased fuel prices Friday in its latest round of subsidy cuts under a reform package agreed with the International Monetary Fund, Egyptian authorities said.
Gasoline and Diesel fuel prices increased by 1.25 LE per litre. In a statement issued by the Ministry of Petroleum, the 95 octane gasoline cost hiked to LE 9 from LE 7.75 per litre. The 92 octane gasoline saw an increase from LE 6.75 per to LE 8 per litre, whereas the gasoline 80 cost increased to LE 6.75 from LE 5.5 per litre.
Diesel fuel price increased from LE 5.5 to LE 6.75 per litre, while a meter of natural gas for vehicles increased to LE 3.5 from LE 2.75.
Cooking Liquefied Petroleum Gas prices increased by 30 percent, hiking from LE 50 to LE 65 cost for the cylinder.
The latest cut in fuel subsidies is a condition of a $12-billion loan secured from the IMF in November 2016. It is the fifth and final hike in petrol prices as Egypt prepares to receive the last $2-billion tranche from the monetary body.
The Washington-based body commended Cairo in April for its "substantial progress".
BA ルフト エジプト カイロ空港のセキュリティを理由とする運休 他の欧米系 湾岸系も追随するのか？ EgyptAir to provide larger aircrafts for Cairo-London route after British Airways suspension: Source ht
UPDATED: Egypt reduces gasoline prices by 25 piasters per litre ht
tp://english.ahram.org.eg/News/352143.aspx @ahramonlineさんから
Egypt's Fuel Automatic Pricing Committee has reduced the price of gasoline in the local market by 25 piasters per litre effective Friday at 12am, the petroleum ministry announced in a statement.
The new prices per litre are as follow: EGP 6.5 for 80 octane gasoline, EGP 7.75 for 92 octane gasoline, and EGP 8.75 for 95 octane gasoline.
The committee also decreased the price of industrial-use mazut by EGP 250 per tonne, putting the price of the tonne at EGP 4,250.
；Some unofficial trades were taking place at 16.15 pounds to the dollar, compared to the 15.75 pounds offered by currency exchange bureaus and banks, they said.
CAIRO – 29 March 2020: The Central Bank of Egypt (CBE) decided Sunday to set a daily limit for deposits and cash withdrawals for a temporary period in banks' branches, at LE 10,000 for individuals and LE 50,000 for companies.
"Companies are excluded from this limit to be able to pay the dues of their employees," CBE said in a statement.
It also decided a daily limit for deposits and cash withdrawals from ATM machines at LE 5,000, indicating that the banks sterilize and disinfect those machines periodically.
Egypt slightly lowers fuel prices after global plunge h The price of the widely used 92-octane gasoline was lowered to EGP 7.50 a litre from EGP 7.75, 80 octane to EGP 6.25 a litre from EGP 6.5 and 95 octane to EGP 8.50 a litre from EGP 8.75. ttp://english.ahram.org.eg/News/367021.aspx @ahramonlineさんから
ラマダン明けに制限厳格化 感染拡大でエジプト一転 h
tps://www.nikkansports.com/general/news/202005180000031.html?utm_source=twitter&utm_medium=social&utm_campaign=nikkansports_ogp @nikkansportsさんから
US dollar appreciated slightly against the Egyptian pound on Tuesday at the Central Bank of Egypt (CBE), recording EGP 15.9278 for buying and EGP 16.0278 for sellingm, an increase of 4.79 piasters over Monday.
The price of euro also increased to EGP 17.7865 for buying and EGP 17.9014 for selling, while the price of the sterling pound recorded EGP 19.9639 for buying and EGP 20.0828 for selling.
The Swiss franc reached EGP 16.5466 for buying and EGP 16.6522 for selling. The Japanese yen recorded EGP 14.7044 for buying and EGP 14.8035 for selling.
Egypt increases gasoline prices by 25 piasters per litre ht
tps://english.ahram.org.eg/NewsContent/3/12/409825/Business/Economy/Egypt-increases-gasoline-prices-by--piasters-per-l.aspx
Egypt's Fuel Automatic Pricing Committee has increased the price of gasoline in the local market by 25 piasters per litre effective Friday at 10am, the petroleum ministry announced in a statement.
The new prices per litre are as follows: EGP 6.50 for 80 octane gasoline, EGP 7.75 for 92 octane gasoline, and EGP 8.75 for 95 octane gasoline.
ガソリン値上げ
#Egypt's raises fuel prices by EGP 0.25. The prices stand at EGP 7.25 per liter for 80 octane petrol, 92 octane petrol stands at EGP 8.5 per liter, and EGP 9.50 per liter of octane 95 petrol. The committee decided to keep the diesel price unchanged at EGP 6.75 per liter.
エジプトで小麦値上がり市民生活圧迫 世界最大の輸入国 ウクライナとロシアに8割依存：東京新聞 TOKYO Web ht【カイロ＝蜘手美鶴】ロシアのウクライナ侵攻に伴う食料危機への懸念が、各国に悪影響を及ぼし始めている。世界最大の小麦輸入国エジプトでは、侵攻開始以来小麦の価格が上がり続け、丸形パン「アエーシ」を主食とする市民の生活を圧迫。価格上昇が続いて中東の不安定化につながる恐れも指摘されている。
５月中旬、カイロ市内の路上で市民らが焼きたてのアエーシを買い求めていた。２０個入りの袋を買った会社員ファワズ・アルサイードさん（５４）は「妻と３人の子どもがいるが、生活がかなり厳しい」と値上がりを嘆く。侵攻前は１個１エジプトポンド（７円）だったが、現在は１．５倍に上昇。月収３０００エジプトポンドからの捻出は楽ではない。
政府によると、エジプトは小麦の国内消費の約６５％を輸入に頼り、うち８割をウクライナ産とロシア産が占める。国連食糧農業機関（ＦＡＯ）によると、侵攻後は世界的に小麦価格が約２０％上昇。ウクライナでは今年の収穫が見込めず、さらに高騰が予想される。
エジプトでは人口約１億人の３分の１が貧困層とされ、多くが政府補助を受けた２０個１エジプトポンドのアエーシに頼って暮らす。小麦の高騰が続けば値上げに踏み切らざるを得ないが、過去に政府が値上げを試みた際は反政府デモが起き社会が混乱に陥った。
中東ではレバノンやシリアなどパンが主食の国がほとんど。中東政治に詳しい評論家ハッサン・ナファ氏は「アエーシの値上げはエジプトに混乱をもたらし、（中東の民主化運動）『アラブの春』の時のように、中東全体の不安定化を招く恐れがある」と指摘する。tps://www.tokyo-np.co.jp/article/178906
